The authors study a multilateral bargaining procedure that extends A. Rubinstein's (1982) alternating offer game to the case of n players. The procedure captures the notion of consistency in the sense familiar in cooperative game theory and they use it to establish links to the axiomatic theory...

A seller with two objects faces a group of bidders who are subject to budget constraints. The objects have common values to all bidders but need not be identical, and may be either complements or substitutes. In a simple complete information setting we show: (1) if the objects are sold by means...

The authors study a dynamic model of duopoly in which firms choose both prices and quantities. If quantity (capacity) choices are relatively inflexible , firms generally carry excess (idle) capacity in equilibrium. Because of this enforcement cost, firms are unable to achieve monopoly levels....